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BULLETIN: Delta Reports Loss, Heavy Pension Charge Jan 03
Standard & Poors, Jan 2003
Abstract
Delta Air Lines Inc. (BB/Negative/--) reported a fourth-quarter 2002 net loss of $363 million (including $133 million of special charges) and a much-higher-than-forecast $1.6 billion after-tax pension charge. Standard & Poor's Ratings Services' rating and outlook on Delta are not affected. The loss before special items was broadly in line with expectations, and is likely to rank somewhere in the middle of results reported by peer airlines. Delta managed to generate positive operating cash flow and fund cash capital expenditures in the quarter. Management forecasts a first quarter 2003 net loss and will generate operating cash flow only with the aid of an expected $300 million tax refund at the end of March, and assuming no material damage from any...
Companies mentioned in this report are: Delta Air Lines Inc.
Action: S&P Event
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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